In his New Year’s message, President Cho Seok of Korea Hydro & Nuclear Power (KHNP) unveiled his 2016 management buzzword “yeomindongnak,” the Chinese word that means “commitment” to becoming a power company that brings joy to people.
“KHNP wants to make the year 2016 a year for further restoring people’s trust and making a leap forward as a global energy company,” said KHNP President Cho. He stressed that human resource development is key, as is enhancing technology prowess based on the achievements the power company has made so far. Outside, he also emphasized the redoubling of efforts to strengthen its global competitiveness.
“All executives and staff members will join forces so that KHNP can be a company contributing to Korea’s national development, a reliable company of people of high integrity, and a company beloved by people. We’ll be reborn as a company trusted by people, a company communicating with people, and a company promoting win-win relations with people,” he said.
Under the stewardship of President Cho, KHNP has turned itself around and overcome a crisis. The power company has managed to normalize management and restore its global standing during in the last year. KHNP had suffered a major blow to its reputation in the wake of the revelation of forged nuclear parts documents in May 2013, and the subsequent stoppage of related power units. President Cho, who took office to overcome the crisis in September of the same year, has managed to lay a foundation to put the power company on the right track. He immediately went on a crusade to innovate all areas of the company, including personnel, organization and corporate culture. He stressed thorough field management and candidly communicated with inside and outside stakeholders.
President Cho’s innovative management has led to the improving of its business performance. KHNP saw its capacity utilization rate rise from 85 percent in 2014 to 85.5 percent in 2015 as well as the unit stoppage decline from five cases vs. 23 units in 2014 to three cases vs. 24 units in 2015, with a top priority on ensuring safety in the wake of the Fukushima nuclear accident. KHNP’s operational track records turned out to be excellent when compared with foreign counterparts.
KHNP chalked up 9.5 trillion won in sales and 1.4 trillion won in net profit in 2014 in what was billed as its best-ever business performance. KHNP also posted 11.939 trillion won in sales and 3.116 trillion won in net profit in 2015 to record the best-yet business performance for the second straight year.
KHNP’s prospects in 2016 will likely be brighter in the wake of the post-2020 climate change pact signed at the recent COP 21 conference in Paris.
The new climate change regime is likely to turn the tide of global power generation sources. Thermal power will likely decline, and new and renewable energy sources are expected to rise. Nuclear power, which suffered a deep setback in the wake of the Fukushima nuclear accident, is predicted to get a boost as a real alternative in power generation.
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